OnPoint Community Credit Union has released a free financial literacy eBook to help people better manage amid our current economic complexities, soaring food and energy prices and the Federal Reserve’s interest rate increase.
The eBook, entitled “Guide to Financial Wellness,” shares in-depth and actionable information to help people pursue better financial outcomes and protect their future.
A 2018 study by the FINRA Investor Education Foundation found that 48 percent of Oregonians lack an emergency fund to cover three months of expenses resulting from illness, job loss or economic downturn. Individuals without an emergency fund lack a buffer against unexpected financial shocks which may threaten their financial stability.
OnPoint’s eBook is aimed at increasing financial literacy. Rob Stuart, President and CEO of OnPoint said, “Our purpose is to build strong communities through financial well-being. Regardless of experience, everyone can benefit from more financial education.” Here are just a few of the tips from the eBook.
Understand your financial position
The first step of financial goal setting should be a “gap analysis,” a process for grasping the difference between where you are now and where you want to be. Some questions to help with that analysis include: What outcome do I want? What resources do I need to achieve my goals? How will I track my goals?
Set realistic, achievable goals
After a gap analysis, use the “SMART” goals framework to create meaningful goals and provide a roadmap for achieving them. SMART goals are: Specific, Measurable, Attainable, Relevant and Time-bound.
Understand your loan options
Some goals may be achieved by borrowing money but it’s important for people to consult with their financial institution to determine which type of loan is best for the situation. Loans can vary significantly in terms of principal, length, interest rate and fees.
Get started now on achieving your financial goals, reduce stress and plan for the future at bit.ly/OnPointeBook.